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LG Corp. FY2012 Separate Audit Report

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LG Corp. FY2012 Separate Audit Report LG CORP. SEPARATE FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012, AND INDEPENDENT AUDITORS’ REPORT Independent Auditors’ Report English Translation of a Report Originally Issued in Korean To the Shareholders and the Board of Directors of LG Corp.: We have audited the accompanying separate statements of financial position of LG Corp. (the “Company”) as of December 31, 2013 and 2012, and the related separate statements of income, separate statements comprehensive income, separate statements of changes in shareholders’ equity and separate statements cash flows for the years ended December 31, 2013 and 2012, all expressed in Korean won. These separate financial statements are the responsibility of the Company’s management. Our responsibility is to issue a report on these separate financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the Republic of Korea. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the separate financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the separate financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall separate financial statement presentation. We believe that our audit provide a reasonable basis for our opinion. In our opinion, the separate financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2013 and 2012, and the results of its operations, its comprehensive income, its shareholders’ equity and its cash flows for the years ended December 31, 2013 and 2012, in accordance with Korean International Financial Reporting Standards (“K-IFRS”). Accounting principles and auditing standards and their application in practice vary among countries. The accompanying separate financial statements are not intended to present the financial position, results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries other than the Republic of Korea. In addition, the procedures and practices utilized in the Republic of Korea to audit such separate financial statements may differ from those generally accepted and applied in other countries. Accordingly, this report and the accompanying separate financial statements are for use by those knowledgeable about Korean accounting principles and auditing standards and their application in practice March 13, 2014 Notice to Readers This report is effective as of March 13, 2014, the auditors’ report date. Certain subsequent events or circumstances may have occurred between this report date and the time the auditors’ report is read. Such events or circumstances could significantly affect the accompanying separate financial statements and may result in modifications to the auditors’ report. LG CORP. (the “Company”) SEPARATE FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012 The accompanying separate financial statements, including all footnote disclosures, were prepared by and are the responsibility of the Company. Junho Cho President and Chief Operating Officer LG Corp. LG CORP. SEPARATE STATEMENTS OF FINANCIAL POSITION AS OF DECEMBER 31, 2013 AND 2012 Korean won December 31, December 31, 2013 2012 ASSETS CURRENT ASSETS: Cash and cash equivalents (Notes 5, 6, 19 and 27) ￦ 185,978,801,182 ￦ 120,964,797,882 Financial institution deposits (Notes 5 and 19) 140,000,000,000 100,000,000,000 Other receivables, net (Notes 5,7 and 22) 14,016,867,947 20,479,467,636 Other current assets (Note 8) 106,422,178 129,398,801 Total current assets 340,102,091,307 241,573,664,319 NON -CURRENT ASSETS: Available-for-sale (“AFS”) financial assets (Notes 5, 95,115,547,734 19 and 27) 93,058,214,613 Other non-current receivables, net (Notes 5,7 and 24) 25,769,000 525,769,000 Investments in subsidiaries (Note 11) 932,836,546,101 872,836,546,101 Investments in associates and joint ventures (Note 11) 5,837,049,872,259 5,832,713,548,810 Other non-current assets (Note 8) 3,269,998,882 3,317,544,071 Property, plant and equipment, net (Note 9 and 25) 21,303,402,418 23,056,833,570 Investment property, net (Note 9) 630,948,735,895 626,435,640,568 Intangible assets (Notes 10) 11,364,670,202 10,073,272,021 Total non-current assets 7,531,914,542,491 7,462,017,368,754 TOTAL ASSETS ￦ 7,872,016,633,798 ￦ 7,703,591,033,073 (Continued) LG CORP. SEPARATE STATEMENTS OF FINANCIAL POSITION AS OF DECEMBER 31, 2013 AND 2012 (CONTINUED) Korean won December 31, December 31, 2013 2012 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Other current payables (Notes 5, 21, 22 and 27) ￦ 90,753,306,549 ￦ 95,271,727,114 Current tax liabilities 27,725,790,713 33,566,900,739 Other current liabilities (Note 13 and 22) 6,893,871,876 6,341,776,972 Total current liabilities 125,372,969,138 135,180,404,825 NON-CURRENT LIABILITIES: Other non-current payables (Notes 5, 22 and 27) 7,174,259,452 6,724,232,100 Net defined benefit liability (Notes 12 and 22) 8,233,810,223 9,558,542,935 Deferred tax liability (Note 20) 134,385,901,117 136,091,140,169 Other non-current liabilities (Note 13 and 22) 6,996,993,348 7,412,542,900 Total non-current liabilities 156,790,964,140 159,786,458,104 TOTAL LIABILITIES 282,163,933,278 294,966,862,929 SHAREHOLDERS ’ EQUITY Issued capital (Note 14) 879,359,040,000 879,359,040,000 Capital surplus (Note 15) 2,409,002,192,481 2,409,002,192,481 Other capital items (Note 14) (2,385,112,284) (2,385,112,284) Accumulated other comprehensive income (Note 16) 34,933,228,448 33,373,769,943 Retained earnings (Note 17) 4,268,943,351,875 4,089,274,280,004 TOTAL EQUITY 7,589,852,700,520 7,408,624,170,144 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY ￦7,872,016,633,798 ￦7,703,591,033,073 (Concluded) See accompanying notes to the separate financial statements. LG CORP. SEPARATE STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012 Korean won Year ended Year ended December 31, 2013 December 31, 2012 Operating income: Dividend income (Notes 4, 18 and 22) ￦ 200,289,747,657 ￦ 252,609,508,715 Royalty revenue (Notes 4, 18 and 22) 269,084,991,809 271,100,023,273 Rental revenue (Notes 4, 18 and 22) 98,671,634,327 92,853,389,119 568,046,373,793 616,562,921,107 Operating expenses: Employee benefit (Notes 18 and 22) 26,243,340,925 22,328,072,340 Depreciation (Notes 9 and 18) 16,347,435,072 16,216,227,721 Other operating expenses (Notes 18 and 22) 115,969,076,018 109,718,573,786 158,559,852,015 148,262,873,847 Operating income 409,486,521,778 468,300,047,260 Non-operating income and expenses Financial income (Note 19) 7,176,124,982 3,888,187,903 Financial expenses (Note 19) 415,549,552 583,083,051 Other non-operating income 1,141,799,467 14,581,950 Other non-operating expenses 1,651,865,390 249,361,958 Profit before income tax expense 415,737,031,285 471,370,372,104 Income tax expense (Note 20) 59,758,481,043 63,250,122,047 Profit for the year ￦ 355,978,550,242 ￦ 408,120,250,057 Earnings per share (Note 23): Basic ￦ 2,024 ￦ 2,321 Diluted 2,024 2,321 See accompanying notes to the separate financial statements. LG CORP. SEPARATE STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012 Korean won Year ended Year ended December 31, 2013 December 31, 2012 Profit for the year ￦ 355,978,550,242 ￦ 408,120,250,057 O ther comprehensive income (loss): Items that may be reclassified subsequently to profit or loss Net gain (loss) on AFS financial assets 1,559,458,505 1,598,397,403 Items that will not be reclassified subsequently to profit or loss Remeasurements of the net defined benefit liability (372,876,021) (1,336,845,617) Total comprehensive income for the year ￦ 357,165,132,726 ￦ 408,381,801,843 See accompanying notes to the separate financial statements. LG CORP. SEPARATE STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012 Korean won Accumulated other Capital comprehensive Retained Issued capital surplus Other capital items income (loss) earnings Total Balance at January 1, 2012 ￦879,359,040,000 ￦2,408,934,677,373 ￦(2,434,888,809) ￦31,775,372,540 ￦ 3,858,425,477,914 ￦ 7,176,059,679,018 Annual dividends (175,934,602,350) (175,934,602,350) Profit for the year 408,120,250,057 408,120,250,057 Disposals of treasury shares 67,515,108 49,776,525 117,291,633 Remeasurements of the net defined benefit liability (1,336,845,617) (1,336,845,617) Net gain (loss) on AFS financial assets 1,598,397,403 1,598,397,403 Balance at December 31, 2012 ￦879,359,040,000 ￦ 2,409,002,192,481 ￦ (2,385,112,284) ￦33,373,769,943 ￦ 4,089,274,280,004 ￦ 7,408,624,170,144 Balance at January 1, 2013 ￦879,359,040,000 ￦2,409,002,192,481 ￦ (2,385,112,284) ￦33,373,769,943 ￦ 4,089,274,280,004 ￦ 7,408,624,170,144 Annual dividends (175,936,602,350) (175,936,602,350) Profit for the year 355,978,550,242 355,978,550,242 Remeasurements of the net defined benefit (372,876,021) (372,876,021) Net gain (loss) on AFS financial assets 1,559,458,505 1,559,458,505 Balance at December 31, 2013 ￦879,359,040,000 ￦2,409,002,192,481 ￦ (2,385,112,284) ￦34,933,228,448 ￦ 4,268,943,351,875 ￦ 7,589,852,700,520 See accompanying notes to the separate financial statements.
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